Who to trust in the world of financial wellbeing
Rising interest rates and the cost-of-living crisis have brought attention to the issue of financial wellbeing within organisations. A recent discussion involving employee benefit consultants, employers and providers explored collaborative strategies to assist employees in this matter. This includes considering effective services and tools to enhance employees’ financial resilience.
While some believed that open finance initiatives could offer more personalised solutions, others expressed the necessity for a more sophisticated regulatory approach. This approach would involve creating provisions for a streamlined advice system, allowing providers or technology-based solutions to offer more personalised guidance to individuals.
Secondsight Employee Benefits Partner, Nick Perry pointed out that the more personalised these approaches became, the more they risked tipping over from ‘guidance’ and information into advice.
There was a potential danger that customers today, using more sophisticated financial modelling tools, might perceive this as advice. He said: “It’s a very fine line. There’s a lot of good tech out there at the moment and it is getting better all the time.”
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